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Title: If the absolute value of the price elasticity of demand for a product is less than 1, then Post by: malabranche13 on Mar 3, 2019 Question 1. If the absolute value of the price elasticity of demand for a product is 2, and the price of a product increased 10 percent, then the quantity demanded will decline by• 2 percent. • 5 percent. • 20 percent. • 10 percent. Question 2. If the absolute value of the price elasticity of demand for a product is less than 1, then• demand is elastic. • demand is inelastic. • quantity demanded is very sensitive to price changes. • demand is unit-elastic. Title: If the absolute value of the price elasticity of demand for a product is less than 1, then Post by: coltonf1 on Mar 3, 2019 Content hidden
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